Tax Legislation

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IFRS vs. GAAP Reporting: A Challenge for Multinationals

When it comes to complying with complex accounting, financial, statutory and tax reporting requirements under both U.S. GAAP and IFRS, even innocent mistakes can be deadly. One U.S. based global provider of oil field technology and supplies found that out the hard way. The company was forced to restate its financials twice within six months, and each one resulted in a roughly $500 million adjustment in its financial statements, including penalties, fees and other costs.

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5 Critical Changes in the Federal Taxation of Corporations

Corporate tax, finance and accounting professionals need to keep a sharp eye on shifts in the maze of tax rules and regulations, which can be challenging. The authors of CCH Expert Treatise: Federal Taxation of Corporations and Shareholders, Andrew Eisenberg and Daniel Schneider, track federal taxation trends. They have narrowed the issues down to the top five to watch right now:

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Passes Small Business Tax Cut Legislation

On April 19, 2012, the House, by a vote of 235 to 173, passed the Small Business Tax Cut bill (HR 9). The legislation would grant a 20-percent tax cut to small businesses with up to 500 employees. The estimated $46 billion one-year cost of the legislation was not offset. The legislation is unlikely to be taken up by the Senate and faces a veto threat from President Obama.

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Congress Passes Temporary Transportation Funding Extension

On March 29, 2012, with the House and Senate unable to agree on a long-term approach to transportation funding and with a March 31 deadline looming, Congress instead passed a 90-day extension of current funding without additional tax provisions. The President signed the legislation on March 30, 2012. The legislation will again be taken up after the Congressional recess period.

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Congress Passes Payroll Tax Cut Extension

On February 17, 2012, Congress passed the Middle Class Tax Relief and Job Creation Act of 2012, by a vote of 293 to 132 in the House and 60 to 36 in the Senate. The legislation continues the reduction in the employee portion of the Social Security tax to 4.2 percent through December, 2012. Prior legislation at the end of 2011 had extended the reduction through February, 2012.

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President Signs Long-term FAA Funding

On February 14, 2012, the President signed the FAA Modernization and Reform Act of 2012, which passed Congress on February 6th. The legislation extends the 4.3 cents per gallon excise tax on aviation fuel, the 7.5 percent excise tax on ticket purchases, and the 6.25 percent excise tax on property transport through September 30, 2015.

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